Bill Foley has signed the final paperwork to complete his £120m takeover of Bournemouth, talkSPORT understands.
Foley will be appointed chairman after the Premier League approves the deal.
A Las Vegas businessman will also contribute funds to the construction of a state-of-the art training facility. He will also sign a number signings during January’s transfer window.
Foley has long-term plans to either redevelop Bournemouth’s 11,364-seater Vitality Stadium or build a brand new ground.
After months of negotiations, Maxim Demin bought Bournemouth.
TalkSPORT has learned that Foley is interested in buying clubs in France and Belgium to create a multi-club dynasty.
Interim-manager Gary O’Neil will remain in charge at least until the Premier League have ratified the takeover, expected to take up to four weeks.
Chief executive Neill Blake and technical director Richard Hughes, who will both retain their positions under Foley’s ownership, have been working on a selective list of targets for the job.
Foley earned his millions in the insurance business before purchasing the Vegas Golden Knights ice-hockey team.
The 77-year-old, with a reported net worth of £1.2 billion, also owns his own winery as well as several restaurants.
He will be attending his first Bournemouth match against Leicester today.
